4Wall Street Journal Rpt.
defense contractors will have to lay off workers soon if there is no agreement because they are losing federal dollars of the federal programs that are going away. we will see more unemployment. the defense companies will have to notify workers in the next couple of weeks. how important is this? >> it is a temporary drag in the economy. i honestly think of all of the things that will not happen is the chance of getting both rounds of spending cuts, including the massive defense cuts is slight. i think it will be rectified the next few months but it is terrible we have to put the businesses through this until we get to the other side. >> what about housing? it seems to be recovering but still murky. how strong is it, and is it important for the overall economy? >> nothing could be more important than the improvement in home prices. we are getting good signals on home prices. when you get higher home prices of course that pushes up output because builders build more. and pushes up confidence. i think that is important. it causes a wealth affect. we will have $1.5 trillion added to househ
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